Now showing items 21-21 of 21

    • Transactional Risk, Market Crashes, and the Role of Circuit Breakers 

      Greenwald, Bruce C.; Stein, Jeremy C. (University of Chicago Press, 1991)
      The authors develop a pair of models that illustrate how imperfections in transfunctional mechanisms can lead to a market crash. Neither market orders nor limit orders allow traders to condition their demands on the full ...